Seedstars Raises $42M in First Close of Africa Fund

STARTUP VENTURE CAPITALDecember 9, 2024 at 11:15 AM UTC

TLDR

Seedstars Africa Ventures I has raised $42 million in its first close.
The venture capital fund is targeting scalable African startups.
It will invest up to $2 million in seed and Series A rounds, with a follow-on capacity of up to $5 million.

Seedstars Africa Ventures I, a venture capital fund targeting scalable African startups, has raised $42 million in its first close.

The fund, created by Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule, operates in partnership with Seedstars and LBO France, with notable investors including EIB Global and the African Development Bank.

The fund addresses a critical gap in early-stage financing across Africa by investing up to $2 million in seed and Series A rounds, with a follow-on capacity of up to $5 million. It aims to catalyze co-investments and provide operational support for startups in key sectors like climate, energy access, and financial inclusion.

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Key Takeaways

With $10 million already deployed to startups in Nigeria, Kenya, Uganda, and Ivory Coast, Seedstars Africa Ventures I is a pivotal player in nurturing early-stage innovation in Africa. By focusing on scalable startups, the fund bridges capital gaps while driving development in vital sectors, positioning itself as a catalyst for Africa’s entrepreneurial ecosystem.

Venture Capital

Seedstars Africa

LBO France

EIB Global

AfDB

Venture Funding